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global the bankruptcy of m.f. global and the mismanagement of his clients' money is causing trouble for a lot of ranchers and farmers they were major clients of m.f. global buying futures contracts to hedge against swings in the value of their crops and livestock that's why to risk he says it's the opposite of gambling it was actually being more prudent in protecting his income so here that n.p.r. asked how do you feel about investing in the futures market now or i have no problems whatsoever you know and i don't see how anybody could because basically what i openly it is that i had a segregated account with m.f. global they were the brokerage with the stroke of a computer to somebody you know and more money for cyberspace or more and i have no problem going to do i couldn't have it any other brokerage. were missing and i had a hedge account to protect my prices i didn't want to invest in european sarvant i didn't want to invest in m.f. global or have no can do with their business they just store more money that's
global the bankruptcy of m.f. global and the mismanagement of his clients' money is causing trouble for a lot of ranchers and farmers they were major clients of m.f. global buying futures contracts to hedge against swings in the value of their crops and livestock that's why to risk he says it's the opposite of gambling it was actually being more prudent in protecting his income so here that n.p.r. asked how do you feel about investing in the futures market now or i have no problems whatsoever...
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manager is in the business of shuffling around counterfeit money whether it's euros or dollars or in the m.f. global scandal where they were shuffling around massive quantities of counterfeit money or in the lehman brothers or bear stearns or ai gee that's all counterfeit money thing is just a virtual counterfeit company so no money manager in the world can't understand that business model because it's the same business model as their career. business model they've got itself took up baldwins calls with twitter posts featuring the phrase hash tag let alec play so this looks like it's going to be good for their i.p.o. it might now be revalued a little bit higher but i want to move on to another recent i.p.o. in the tech space in this group on groupon allegedly hacked merchants e-mail to alter contract so a federal class action lawsuit in the united states alleges groupon altered one of its merchants contracts by gaining unauthorized access to the merchants stored e-mail the suit filed by household construction and repair website bid my crib claims groupon sarap tisha slee change the contract
manager is in the business of shuffling around counterfeit money whether it's euros or dollars or in the m.f. global scandal where they were shuffling around massive quantities of counterfeit money or in the lehman brothers or bear stearns or ai gee that's all counterfeit money thing is just a virtual counterfeit company so no money manager in the world can't understand that business model because it's the same business model as their career. business model they've got itself took up baldwins...
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morgan which is presumed to be m.f. global's but j.p. morgan apparently credit deal with the trustee saying that they could have the cash and granted j.p. morgan a lien on all of the company's assets right so it's a. if you are going is cutting deals outside of the legal framework what's also amazing is that the silver that was in the m.f. global collectively all the one hundred forty thousand pounds that the quantity of silver disappeared from all those accounts but now magically has appeared on j.p. morgan's balance sheet as you know they are massively short so where they've been scrambling for a way to cover their short position rumor has it that just a few weeks ago was about to be busted and j.p. morgan technically have to go bankrupt so what do they do to prevent going bankrupt i've always said j.p. morgan like enron one day to wake up it'll be worth zero in order to stop that from happening two weeks ago as it almost did two weeks ago zero j.p. morgan stock price they wanted to m.f. global accounts one hundred forty thousand of th
morgan which is presumed to be m.f. global's but j.p. morgan apparently credit deal with the trustee saying that they could have the cash and granted j.p. morgan a lien on all of the company's assets right so it's a. if you are going is cutting deals outside of the legal framework what's also amazing is that the silver that was in the m.f. global collectively all the one hundred forty thousand pounds that the quantity of silver disappeared from all those accounts but now magically has appeared...
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have struck the m.f. global junk or seem to make coal contracts to pay off loans that were commodified by silver that are now on the balance sheet of j.p. morgan you know that there are some are positioned one up by the exact amount of the silver that was stolen from m.f. global customers hello it's you know this is call wealth redistribution you know used to be called communism now it's called wall street if they're redistributing wealth they're taking wealth they're seizing wealth a comment that came in by a tweet from my car key looking back in two thousand and eleven of the reports he said the most memorable moment for him was max screaming at the top of his lungs for jamie diamond cuffs has been my most memorable moment hair raising let's turn to a little clip of that what i can tell it but there are just so alas that jerry died in a car now max this was before the m.f. global fraud and j.p. morgan's role in in seizing we think the client funds so it was a good thing you know so much for wall street
have struck the m.f. global junk or seem to make coal contracts to pay off loans that were commodified by silver that are now on the balance sheet of j.p. morgan you know that there are some are positioned one up by the exact amount of the silver that was stolen from m.f. global customers hello it's you know this is call wealth redistribution you know used to be called communism now it's called wall street if they're redistributing wealth they're taking wealth they're seizing wealth a comment...
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so m.f. global holdings ltd chief executive officer john course i knew that the company made a loan out of segregated customer accounts before it went bankrupt c.m.e. group incorporated chairman terence duffy told the senate. whose company is and locals regulator a principal exchange is the one and said this yes well it's becoming clear stacy herbert is that once anyone puts money into a bank they no longer have the rights to that money it's now the right of the bank to control any money in the bank all of the protections for anyone who's putting money in any of these banks or brokerage firms are now gone they're a blitter rated thanks to all the deregulation of the last ten years orchestrated by criminals like john corazon but mass the important bit about this testimony from duffy is that john corey's mind had only testify earlier that day that he knew nothing about global taking segregated funds right they caught him lying under oath now typical a this would mean that there is some kind of
so m.f. global holdings ltd chief executive officer john course i knew that the company made a loan out of segregated customer accounts before it went bankrupt c.m.e. group incorporated chairman terence duffy told the senate. whose company is and locals regulator a principal exchange is the one and said this yes well it's becoming clear stacy herbert is that once anyone puts money into a bank they no longer have the rights to that money it's now the right of the bank to control any money in the...
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regarding the jobs now max this was before the m.f. global fraud and j.p. morgan's role in in seizing we think the client funds so i'll be able to say you know so much the wall street park and we're not on wall street making millions because i see what's coming. it's not good i don't want to end up like jamie diamond ok this is jamie dunham after the mob gets through with. but speaking of jamie di win here is an image that was a hit this year and from the kaiser report and this is jamie diamond in the virgin blue i have this kind of fits in with the theme of a christmas eve show that's the wicked witch blith masters who invented or created or spawned from a corrupt lawyer the credit default swap machinations that allowed for the u.k. to become the debt capital of the g. twenty it's all goes back to blith and her wicked witch ways well it also goes back to the city of london and that's been a big theme this year as well because without the city of london allowing infinite paf the cation m.f. global would not have collapse without the city of wondering who la
regarding the jobs now max this was before the m.f. global fraud and j.p. morgan's role in in seizing we think the client funds so i'll be able to say you know so much the wall street park and we're not on wall street making millions because i see what's coming. it's not good i don't want to end up like jamie diamond ok this is jamie dunham after the mob gets through with. but speaking of jamie di win here is an image that was a hit this year and from the kaiser report and this is jamie diamond...
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you know the thing about m.f. global when i saw the story initially i thought well here's another problem that's going to affect. the hedge funds and everybody else it's a little too deep in in leveraged derivatives and it turned out that a whole bunch of my friends were snared in m.f. global too i was talking to a rare american friend of mine who lives in france and trades and his account just like gerald solent a for one his account has been frozen and he says they know where the money is but it's odd that it's just being sort of kept in some sort of escrow there but it shows you ultimately hell fragile the network is that allows me and everybody else to trade right on up to the level of scarily large hedge funds but the m.f. is going to it looks like it's going to take a lot of retail guys with it and the problem you know it's looks like they'll get their money back but not everybody can wait six months or a year or however long it takes a while confidence in the system is shaken and the system runs on confiden
you know the thing about m.f. global when i saw the story initially i thought well here's another problem that's going to affect. the hedge funds and everybody else it's a little too deep in in leveraged derivatives and it turned out that a whole bunch of my friends were snared in m.f. global too i was talking to a rare american friend of mine who lives in france and trades and his account just like gerald solent a for one his account has been frozen and he says they know where the money is but...
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two thousand and eleven max was re hypothecation it came into the public domain in the collapse of m.f. global but you are predicting that there you are saying that for every dollar that a banker steals from you they actually agree with ten dollars of debt because of their leveraging up on it well let's look at this for a second because there is a myth out there called fractional reserve banking that a bank will have a dollar of deposits and they'll issue ten dollars in loans that's not the way it's done anymore banks have zero in deposits they've all put their deposits outside of their balance sheet because it's considered too much of a liability and they just make loans and dodginess lee from nowhere and they create a ponzi scheme of multiple layers of debt but now the new stage is to go even deeper with this really hypothecation scam and we see the scituate morgan not only don't they don't have any reserves that they're not placing any in reserve collateral to make loans but they're just stealing people's money out of their accounts as collateral to make loans off their balance shee
two thousand and eleven max was re hypothecation it came into the public domain in the collapse of m.f. global but you are predicting that there you are saying that for every dollar that a banker steals from you they actually agree with ten dollars of debt because of their leveraging up on it well let's look at this for a second because there is a myth out there called fractional reserve banking that a bank will have a dollar of deposits and they'll issue ten dollars in loans that's not the way...
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morgan stock price they wanted to m.f. global accounts one hundred forty thousand of them they took this over another commodities and just stole them that's their that's their response to their criminality and why they got away with it for national security there was a brief headline that they might possibly face consequences i don't think it's real but this is from zero hedge j.p. morgan stop breaks down on news companies roll as if little lender to be productive so they post a picture of a bloomberg headline morgan actions as a last lender likely to be proof says liquidator and as you see this is a nice chart of the players and j.p. morgan share price but the liquidator of the endless global brokerage said that certain actions of j.p. morgan a lender to the brokers parents are likely to be the subject of investigation but max if you look at the stock chart it's felt less than three percent whereas goldman sachs fell over three percent at the same time so i think it's more an issue it's just the global financial system me
morgan stock price they wanted to m.f. global accounts one hundred forty thousand of them they took this over another commodities and just stole them that's their that's their response to their criminality and why they got away with it for national security there was a brief headline that they might possibly face consequences i don't think it's real but this is from zero hedge j.p. morgan stop breaks down on news companies roll as if little lender to be productive so they post a picture of a...
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of the failed brokerage m.f. global has proposed dumping all remaining customer assets gold silver cash options futures and commodities into a single pool that would pay customers only seventy two percent of the value of their holdings and other words while traders already may have paid the full price for the delivery of specific. as of gold or silver and hold warehouse receipts to prove it they'll have to forfeit twenty eight percent of the value to may this is the same thing as a run on the comics but it's the same thing and let me break it to global audience there's been a run of the comics they don't have the inventory in new york to satisfy the claims . they don't got it therefore ipso facto gold and silver are in demand above and beyond what can be delivered by the market this market is jetter max i have exclusive footage here from outside the co next to some m.f. global customers as you see they're very. i think that's from north korea very similar looking at footage actually from outside the comix these a
of the failed brokerage m.f. global has proposed dumping all remaining customer assets gold silver cash options futures and commodities into a single pool that would pay customers only seventy two percent of the value of their holdings and other words while traders already may have paid the full price for the delivery of specific. as of gold or silver and hold warehouse receipts to prove it they'll have to forfeit twenty eight percent of the value to may this is the same thing as a run on the...
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global customers and see their various. ways i think that's from north korea very similar looking at footage actually from outside the comix these are very upset customers the global especially those that own gold and silver bullion on one of them is john breaux a partner in b.t.r. trading a chicago futures trading firm he says where house receipts like gold bars are our property one hundred percent we are a unique class and instead the trustee is doing a radical redistribution of property well the warehouse receipts are just fictitious claims on nonexistent bully on the same thing and a lot of bling market association in london there are one hundred ounces for every one that they supposedly have in storage has been loaned out or margin or hypothecated profit created a really really really high profit gated is just up there it's all fantasy accounting the gold and silver is not in these word house or sylvie's if you think you all this gold and silver you're going to get a paper claymore of dollars that are becoming increasi
global customers and see their various. ways i think that's from north korea very similar looking at footage actually from outside the comix these are very upset customers the global especially those that own gold and silver bullion on one of them is john breaux a partner in b.t.r. trading a chicago futures trading firm he says where house receipts like gold bars are our property one hundred percent we are a unique class and instead the trustee is doing a radical redistribution of property well...
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morgan is a creditor of m.f. global and they're going to push to get settled on any of their accounts that are own money and had these customers as not also some have bad methods to the retail banking customer out there the real question max is again whether there is or is not separation between customer funds that are on deposit or is performance sponsored let's remember this is what the c.m.e. calls these if you go to the web page and you look at the margin deposits that are required to trade contracts they actually call them performance bonds so if they are performance bonds then they should be held separately there should be an escrow function and there is supposed to be a fiduciary responsibility it's like a positing escrow money for real estate transaction with a czerny it's supposed to go into a segregated account if that in fact has been violated. during the evidence certainly that it has then essentially when you are treating with somebody you are using them as a broker you are for all intents and purpos
morgan is a creditor of m.f. global and they're going to push to get settled on any of their accounts that are own money and had these customers as not also some have bad methods to the retail banking customer out there the real question max is again whether there is or is not separation between customer funds that are on deposit or is performance sponsored let's remember this is what the c.m.e. calls these if you go to the web page and you look at the margin deposits that are required to trade...
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global assets the key issues include the fact that j.p. morgan was able to purchase m.f. global bonds at a discount without any open bidding process and the assets were apparently sold without disclosure to or approval from the u.s. bankruptcy court or trustees the third issue centers on j.p. morgan seeking special favors from the federal reserve to receive priority treatment over investor segregated fund accounts jamie's dirty. give a spanking. max this is important it's more than just that mean it is as absurd as that but it is a fact that earlier this year we saw this little clip i'm going to turn to here where jamie diamond stood up and spoke to ben bernanke you braided ben bernanke saying oh you know we've done this list the list five things that the the industry has done to make the financial system more sound look at ben bernanke is face as he like ecstasy looking at jamie diamond speaking to me that list you gave me pretty good there for well we. should like we're getting a lot done that's a great. well. spent bernanke is like looking at this little baby there you
global assets the key issues include the fact that j.p. morgan was able to purchase m.f. global bonds at a discount without any open bidding process and the assets were apparently sold without disclosure to or approval from the u.s. bankruptcy court or trustees the third issue centers on j.p. morgan seeking special favors from the federal reserve to receive priority treatment over investor segregated fund accounts jamie's dirty. give a spanking. max this is important it's more than just that...
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global and m.f. global fall in a nutshell m.f. global was using excessive leverage stemming from cation to happen occasionally securities basically they took client securities and used it as collateral against their own very risky bets against european debt. these bets were all multiples of the equity and of course as soon as things started going to get to them they were getting margin calls the whole policy collapsed and one point two billion dollars and counting money has been missing this level of leverage is totally out of balance sheet ok not visible available to investors and is not just. brothers did it goldman sachs is doing it j.p. morgan is doing it and they're doing it with more than two or three dollars of i'm not mistaken the exposure to goldman sachs is about fifty one billion twenty seven fifty one billion j.p. morgan is doing it to the chairman of seven hundred billion over one hundred billion this level of leverage combined with the fact that you have c.d.'s that may have a claim i mean i have a claim combined wit
global and m.f. global fall in a nutshell m.f. global was using excessive leverage stemming from cation to happen occasionally securities basically they took client securities and used it as collateral against their own very risky bets against european debt. these bets were all multiples of the equity and of course as soon as things started going to get to them they were getting margin calls the whole policy collapsed and one point two billion dollars and counting money has been missing this...
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of m.f. global's customers with segregated trading accounts where their money was lost has thrown the entire premise of the having such regulated markets into question since one of the major point of paying the premium to run transactions through an exchange is to mitigate if not eliminate counter party risk and that is a futures exchange. now still ahead do not go away two thousand and twelve is on its way and you know what that means yet the end of the world has stereo will tell you how some companies are cashing in on it first their closing market numbers. you just put a picture of me when i was like nine years old on to tell the truth. i have a confession i am a total ghetto princess i love grabbing hip hop music and tricks. but it was kind of a yesterday. i'm very proud of the world without you it's a place. you don't know sometimes you see a story and it seems so you think you understand it and then you glimpse something else hears you some other part of it and realized everything you t
of m.f. global's customers with segregated trading accounts where their money was lost has thrown the entire premise of the having such regulated markets into question since one of the major point of paying the premium to run transactions through an exchange is to mitigate if not eliminate counter party risk and that is a futures exchange. now still ahead do not go away two thousand and twelve is on its way and you know what that means yet the end of the world has stereo will tell you how some...
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global money goodbye sources say so m.f. global customers are at the moment expecting to recover about sixty five percent of their funds that's it ok but the article then goes on to say one thing seems to be certain investigators and banks have had extensive dealings with m.f. global believe whatever money is missing is probably gone forever and won't be able to be returned to investors when the investigation is complete that's because even if customer funds are located if they were used to pay off a legitimate claims of creditors those creditors are legally entitled to the money max who's the biggest creditor j.p. morgan and j.p. morgan is the central bank that timothy geithner said is there to save the system so they're there to save this is them by destroying the system sounds like america's approach in vietnam now of course this is also the other thing that puts lie to the whole argument timothy geitner says is that if it's governments and central banks that will restore your trust in the system but they're doing nothing
global money goodbye sources say so m.f. global customers are at the moment expecting to recover about sixty five percent of their funds that's it ok but the article then goes on to say one thing seems to be certain investigators and banks have had extensive dealings with m.f. global believe whatever money is missing is probably gone forever and won't be able to be returned to investors when the investigation is complete that's because even if customer funds are located if they were used to pay...